The following is NOT a major component of the financial statements:
A) auditor's opinion
B) annual report
C) explanatory notes
D) balance sheet

Question

Quizplus · Accepted Answer

The annual report is not a major component of the financial statements. While the annual report often includes financial information such as the financial statements, it also includes non-financial information such as management's discussion and analysis of the company's operations and other supplementary information. The financial statements themselves consist of the balance sheet, income statement, statement of cash flows, and statement of changes in equity, along with any accompanying explanatory notes and the auditor's opinion.

The Following Is NOT a Major Component of the Financial